Bitcoin 4hr analysis 11/16/2020
Good morning ladies and gentlemen and welcome back to my daily look into the highs and lows of Bitcoin. Today I have the 4hr pulled up after a pretty flat weekend. We did see a slight dip below the 16k support but have since recovered nicely. We sit above 16330 at the moment. It would be really nice to see a higher high on this particular pump. Only time will tell us for sure if that will come to be. Meanwhile there is plenty of support currently and that is likely a big reason for the bounce over night. Lets take a look at the charts this morning.
I brought it up already but Im going to say it again... The 4hr 50 MA. (orange line) It has been extremely reliable support at the current levels. We do seem to be losing steam as far as a break above 16400 or so has yet to happen. From the looks of it if we can maintain levels above the .236 fib (red line) for now we have a real shot at breaking into territory not seen since 2017. The situation on the chart holding us up currently looks like it will be more of the same come November 18th. The cloud coupled with the 4hr 50 MA I mentioned earlier could give us just the support we need to crush 16400 and break to new yearly highs.
I know there is a bit of hopium in the paragraph above. Im not telling you for sure its going up. I do not have the gift of foresight unfortunately. I do resort to logic on a regular basis though. I mentioned trading this gap. Well it worked out pretty well. The weekend ended with a gap above us from 16100 - 16250 (approximately) and just like I mentioned before... These gaps fill quick sometimes. This gap was already filled and the gap is old news now. That is why I like to trade gaps like this. They tend to work most of the time (not 100%) If you are going to employ a similar strategy you need to have a plan. Or a strategy that definitely includes a stop loss. No need to get burned if you dont have to.
As we linger just above 16k I wonder when the bears will show up.. Im not extremely worried but it is in the back of my mind. Ive said it before and I will say it again, "If you are happy and you know it, sell" Does that mean I think we drop from here? NO! Like I mentioned earlier. I am not clairvoyant. But Ive been around long enough to know that a drop can show up quick. Without a stop loss you are easy pickings for the bears. Dont fall victim! Bollinger bands are pretty tight at the moment and even with the pump to 16350 this a.m. we still are experiencing tight bollinger bands on the 4hr. This could result in a break out the longer we remain in consolidation. Lets hope the breakout is not down lol. Have a great day folks. Make good choices! WTFDIK???
TLDR: Gap above us this morning... (16100 -16250) but it was filled already. Support is still holding and the build up of support we have enjoyed the beginning of October. We havent really lost the support of the 4hr 50 MA since then.
I brought it up already but Im going to say it again... The 4hr 50 MA. (orange line) It has been extremely reliable support at the current levels. We do seem to be losing steam as far as a break above 16400 or so has yet to happen. From the looks of it if we can maintain levels above the .236 fib (red line) for now we have a real shot at breaking into territory not seen since 2017. The situation on the chart holding us up currently looks like it will be more of the same come November 18th. The cloud coupled with the 4hr 50 MA I mentioned earlier could give us just the support we need to crush 16400 and break to new yearly highs.
I know there is a bit of hopium in the paragraph above. Im not telling you for sure its going up. I do not have the gift of foresight unfortunately. I do resort to logic on a regular basis though. I mentioned trading this gap. Well it worked out pretty well. The weekend ended with a gap above us from 16100 - 16250 (approximately) and just like I mentioned before... These gaps fill quick sometimes. This gap was already filled and the gap is old news now. That is why I like to trade gaps like this. They tend to work most of the time (not 100%) If you are going to employ a similar strategy you need to have a plan. Or a strategy that definitely includes a stop loss. No need to get burned if you dont have to.
As we linger just above 16k I wonder when the bears will show up.. Im not extremely worried but it is in the back of my mind. Ive said it before and I will say it again, "If you are happy and you know it, sell" Does that mean I think we drop from here? NO! Like I mentioned earlier. I am not clairvoyant. But Ive been around long enough to know that a drop can show up quick. Without a stop loss you are easy pickings for the bears. Dont fall victim! Bollinger bands are pretty tight at the moment and even with the pump to 16350 this a.m. we still are experiencing tight bollinger bands on the 4hr. This could result in a break out the longer we remain in consolidation. Lets hope the breakout is not down lol. Have a great day folks. Make good choices! WTFDIK???
TLDR: Gap above us this morning... (16100 -16250) but it was filled already. Support is still holding and the build up of support we have enjoyed the beginning of October. We havent really lost the support of the 4hr 50 MA since then.
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